Century Bank

Century Bank, founded in Somerville, Massachusetts in 1969 by Marshall M. Sloane, is New England's largest family-run bank.[2] Century Bank has over $6 billion in assets with 27 offices in 19 cities and towns in Massachusetts.[3] Marshall’s son, Barry Sloane, currently sits as Chairman, President & CEO while Marshall’s daughter, Linda Sloane Kay, is the Bank’s Vice Chair.

Century Bank
IndustryBanking
FoundedCentury Bank, 1969
HeadquartersMedford, Massachusetts, United States
Key people
Marshall M. Sloane, Founder; Barry R. Sloane, Chairman, President & CEO; Linda Sloane Kay, Vice Chair
Total assetsUS$ 6 billion (2017)[1]
Number of employees
440
WebsiteCenturyBank.com

History

On May 1, 1969, Century Bank and Trust Company officially opened its doors in a temporary trailer parked on the M.D.C.'s sidewalk at 102 Fellsway West in Somerville. The Bank's beginning started in early 1968 with the idea of one man, Marshall M. Sloane,[4] as there was a great need for a community-based commercial bank in Somerville. By November 21, 1968, he and 20 other businessmen were granted a charter to establish the Century Bank & Trust Company. On January 10, 1969 Century Bank was incorporated, becoming the first new bank in Somerville since the mid-1800s. Opening day in the trailer saw President Marshall M. Sloane and seven employees realize the fruits of their labor. Without any promotional efforts, the new bank took in $1.1 million in deposits for a profitable first day. In four weeks, deposits had grown to $4 million; in eight weeks they were over $7 million; and by December 31, 1969, the total assets had passed the $17 million mark. Century Bank had become the fastest growing bank in Massachusetts history in its first year of operation.

Today

Century Bank is a lender to local businesses, municipalities, not-for-profit organizations and families. Now headquartered in Medford, MA, Century Bank employs more than four hundred staff.[5]

Century Bank is acknowledged annually in the Boston Globe 100 as one of the top performing publicly traded companies in Massachusetts.[6]

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References
  1. http://www.snl.com/Cache/1500101402.PDF?Y=&O=PDF&D=&FID=1500101402&T=&IID=100209
  2. http://www.snl.com/Cache/1001208150.PDF?Y=&O=PDF&D=&FID=1001208150&T=&IID=100209
  3. http://www.snl.com/Cache/1001208150.PDF?Y=&O=PDF&D=&FID=1001208150&T=&IID=100209
  4. https://www.bostonglobe.com/business/2014/04/26/marshall-sloane-but-still-charge/nQfpcayDH5BNnDJcCo4tAM/story.html
  5. Century Bank Business Week Profile
  6. http://www.businesswire.com/news/home/20141008005963/en/Century-Bank-Honored-Fourth-Appearance-Sandler-O%E2%80%99Neill#.VMv6ndLF8t0


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